KUALA LUMPUR, March 12 (Bernama) -- The Credit Counselling and Management Agency (AKPK) has benefited nearly 1.4 million individuals through free financial advisory services, as well as assisting approximately 495,000 borrowers through the Debt Management Programme (DMP) as at December 2024.
The Ministry of Finance (MOF) said that of the total DMP participants, nearly 60,000, or 12 per cent of borrowers, have successfully completed their loans and ended their participation in the programme.
Meanwhile, over 26,000, or five per cent of borrowers, have concluded their participation in the DMP as they have become capable of settling their debts without AKPK’s assistance, while almost 253,000 borrowers, or 51 per cent, remain active in the programme.
“The government is always committed to empowering financial literacy among Malaysians, including those with low incomes, as it is an essential life skill for building financial resilience to ensure future financial well-being.
“This effort is led by the Financial Education Network (FEN) to raise public awareness about the importance of prudent financial management and to avoid falling into debt traps,” said MOF in a response posted on the Parliament’s website today.
The ministry was replying to Senator Datuk Dr Azhar Ahmad’s query regarding the government’s plans to assist low-income individuals with debt issues.
MOF elaborated that 332 financial literacy programmes have been organised by FEN members and partners, with 37 million physical and online participants.
It said that 289 of the programmes (87 per cent) involved low-income individuals last year.
“Additionally, eight financial education sessions for micro-entrepreneurs were conducted during Financial Literacy Month, involving 357 micro-entrepreneurs, resulting in a 14 per cent increase in knowledge.
“This programme is one of the efforts to strengthen financial education for low-income individuals, promoting responsible spending and prioritising savings,” MOF added.
-- BERNAMA
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